To fulfill demand for decentralized asset management, Fireblocks, the corporate blockchain platform, is expanding its non-custodial wallet services.
Fireblocks, an enterprise platform for blockchain operations, has announced the extension of its non-custodial wallet-as-a-service (WaaS) offering in response to the rising demand for decentralized digital asset management.
The action intends to meet the needs of brands, corporates, fintechs, and Web3 companies who want more protection and control over their digital assets.
Customers of fintech companies and brands have become more outspoken about seeking more control over their money in light of the recent failures of centralized entities like FTX. In order to meet this demand, Fireblocks’ non-custodial wallets provide iOS, Android, and web browser functionality through the Fireblocks wallet SDK.
These non-custodial wallets give users the power to manage their assets while navigating the developing world of native Web3 experiences, NFT applications, and decentralized finance (DeFi). However, issues with security and regulatory compliance, like as the possibility of users losing their seed phrases, have made scaling millions of wallets difficult.
Increased compliance and security
Co-founder and CEO of Fireblocks Michael Shaulov provided an explanation of the rationale behind the company’s non-custodial wallet solution: “While working with the world’s leading brands and fintechs building in Web3, we carefully designed a non-custodial wallet solution that met their security expectations and was proven to scale as required.”
The MPC-CMP (multi-party computation with commitments) technology used by Fireblocks’ non-custodial wallets ensures a multi-layered security architecture. This technology operates in a trusted execution environment that is hardware-based and offers strong defense against both internal and external threats.
Fireblocks claims to be the only WaaS provider with the following certifications, indicating its dedication to security and compliance: CCSS Level III, SOC2 Type II, ISO 27001, ISO 27017, and ISO 27018.
Scalable and customizable options
Non-custodial WaaS by Fireblocks is intended to be a modular, white-label product. As a result, companies can offer completely customizable user experiences while utilizing the tried-and-true infrastructure of Fireblocks to scale wallets to millions of users. This strategy protects users from operational hazards, which is important.
The head of Flipkart Labs, Ravi Krishnan, said: “Flipkart has an ambitious goal of transforming and democratizing e-commerce in India and Fireblocks continues to support our vision by easing Web3 onboarding for the general public, seamlessly embedding wallets in the background of the Flipkart mobile app.
“Fireblocks has produced more than 2.4 million wallets for Flipkart customers thus far, with 1 million of those wallets produced in the previous month alone. We are eager to see what the Fireblocks team has in store.
Giving Web3 developers more control
Non-custodial wallets from Fireblocks provide customization, security, scalability, and trust for Web3 developers.
- Through the Fireblocks wallet SDK, support for iOS, Android, and web applications is provided.
- Framework that enables developers to customize wallet implementations in accordance with user and application needs.
- Users can link their in-app wallets to decentralized applications (dApps) using the Web3 Wallet Link.
- A policy engine that ensures compliance and user safety.
Notably, Fireblocks does away with the requirement for seed words, lowering the danger brought on by single points of failure. The alternative uses MPC-CMP technology and provides a range of backup and recovery options, including social logins, cloud services (iCloud and Google Drive), or local backups.
Partnerships
Currently, Fireblocks protects more than 130 million wallets for a variety of B2C and B2B Web3 fintech, brands, corporations, financial institutions, and cryptocurrency businesses globally. BNY Mellon, BNP Paribas, NAB, Flipkart, eToro, and Revolut are a few of the company’s well-known clients.
Beyond wallet options, Fireblocks also provides the ability to construct and administer smart contracts, giving it a complete platform for managing digital assets.
